Adani group's NDTV open offer subscribed 32%; poised to be largest shareholder
The Hindu
Gautam Adani, the richest Asian and the founder chairman of Adani group, last month told the Financial Times that he intends to scale up NDTV.
Billionaire Gautam Adani's group has found investors willing to sell over 53 lakh shares of NDTV despite the deep discount to the stock's current trading price, giving it the rights — which it may or may not exercise — to nominate a chairman of the broadcaster.
The open offer, made after Adani group acquired a little-known firm that gave it an indirect holding over 29.18% stake in New Delhi Television (NDTV), closes on December 5, according to a stock exchange notification.
Against the offer to buy 1.67 crore shares, or 26% of equity — from NDTV's minority investors at a price of ₹294 a piece, Adani group has received offers for 53.27 lakh shares, according to data available on the National Stock Exchange (NSE) website.
Corporate investors have offered the most at 39.34 lakh shares while retail investors have offered a little over 7 lakh shares. Qualified institutional buyers (QIBs) have tendered 6.86 lakh shares, according to the NSE data, which did not identify either the corporates or QIBs who have offered to sell their shares.
The offer price of ₹294 per share is a deep discount to the ₹414.40 closing price of NDTV stock on the BSE on Friday.
The shares tendered so far equal to 8.26% of NDTV. Together with 29.18% stake, Adani group has already acquired the ports-to-energy conglomerate at 37.44% stake — larger than 32.26% holding of founders Prannoy Roy and Radhika Roy.
Prior to Adani group's hostile takeover, promoters held 61.45% stake in NDTV. This included 1.88 crore shares or 29.18% held by RRPR Holding Pvt. Ltd.
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